INDIA MOTOR TARIFF INDIA MOTOR TARIFF

Transcription

1 INDIA MOTOR TARIFF INDIA MOTOR TARIFF THE TARIFF ADVISORY COMMITTEE (HEREINAFTER CALLED TAC) HAVE LAID DOWN RULES, REGULATIONS, RATES, ADVANTAGES, TERMS AND CONDITIONS AS CONTAINED HEREIN, FOR TRANSACTION OF MOTOR INSURANCE IN INDIA IN ACCORDANCE WITH THE PROVISIONS OF PART II B OF THE INSURANCE ACT, THIS TARIFF SUPERSEDES THE PROVISIONS OF THE INDIA MOTOR TARIFF IN EXISTENCE UPTO 30 th JUNE i

2 THE PROVISIONS OF THIS TARIFF ARE BINDING ON ALL CONCERNED AND ANY BREACH OF THE TARIFF SHALL BE A BREACH OF THE PROVISIONS OF THE INSURANCE ACT, ii

6 GENERAL REGULATIONS GR.1. Insurance not provided for: Motor Insurance in India cannot be transacted outside the purview of the India Motor Tariff unless specifically authorized by the TAC. For risks which have not been provided for in the tariff, reference should be made to TAC for advice thereon. Motor Insurance includes Private Cars, Motorized Two Wheelers and Commercial Vehicles excluding vehicles running on rails. GR.2. Proposal Forms: Proposal Form as specified in Section 5 of the INDIA MOTOR TARIFF is required to be submitted by the insured to the insurer before the commencement of cover and at renewal in case of material alteration. For change of IDV at each renewal, however, a fresh proposal is not necessary. Such changes may be advised by the insured to the insurer by a letter signed by the insured / insured s authorized signatory ( for companies / body corporate) and sent to the insurer by recorded delivery. In case of change of insurer, a fresh proposal is required to be submitted to the new insurer. The insurers may include additional questions in the proposal form for their information and use. GR.3. Policy Forms: Policies insuring Motor Vehicles are to be issued only as per the Standard Form(s) given in Section 6 of the INDIA MOTOR TARIFF. A. Types of Policies There are two types of Policies : (i) (ii) Liability Only Policy: This covers Third Party Liability for bodily injury and/ or death and Property Damage.Personal Accident Cover for Owner- Driver is also included. Package Policy: This covers loss or damage to the vehicle insured in addition to (i) above. Restricting the scope of cover under Section-I (loss of or damage to the vehicle insured) of the Package policy without any reduction in Tariff rates is permitted. Excepting this, no alteration or extension of any of the Covers, Terms, Conditions, Exclusions, etc. of any of the Policies/Endorsements laid down in this tariff is permitted without prior approval of the TAC. 1

7 B. Rating: Rates provided under this Tariff are minimum rates. Loading on tariff premium rates by 100% may be applied for adverse claims experience of the vehicle insured and individual risk perception as per the insurer s assessment. If the experience continues to be adverse, a further loading of 100% on the expiring premium may be applied. No further loading shall apply. GR.4. Extension of Geographical Area The Geographical Area of Motor Policies may be extended to include a) Bangladesh b) Bhutan c) Nepal d) Pakistan e) Sri Lanka f) Maldives as the case may be, by charging a flat additional premium, as stated below for a period not exceeding 12 months: For Package Policy... For policies other than Package Policy Rs.500/ per vehicle, irrespective of the class of vehicle. Rs.100/ per vehicle, irrespective of the class of vehicle. For such extensions Endorsement IMT 1 is to be used. Such geographical extensions, however, specifically exclude cover for damage to the vehicle/ injury to its occupants/ TP liability in respect of the vehicle during air passage/ sea voyage for the purpose of ferrying the vehicle to the extended Geographical Area. GR.5. Vintage Cars Any car manufactured prior to and duly certified by the Vintage and Classic Car Club of India can be considered a Vintage car for the purpose of this tariff. GR.6. Classic Cars Any car manufactured after , but before , is considered as a Classic Car by the Vintage and Classic Car Club of India. There is however, no provision for special rating or cover for such vehicles under this tariff. 2

8 GR.7. Valued Policies Under an Agreed Value Policy a specified sum agreed as the insured value of the vehicle is paid as compensation in case of Total Loss/Constructive Total Loss of the vehicle without any deduction for depreciation. It is not permitted to issue Agreed Value Policies under this tariff excepting for policies covering vintage cars as defined under 5 above. For such policies, Endorsement IMT- 2 is to be used. GR.8. Insured s Declared Value (IDV) The Insured s Declared Value (IDV) of the vehicle will be deemed to be the SUM INSURED for the purpose of this tariff and it will be fixed at the commencement of each policy period for each insured vehicle. The IDV of the vehicle is to be fixed on the basis of manufacturer s listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance /renewal and adjusted for depreciation (as per schedule specified below). The IDV of the side car(s) and / or accessories, if any, fitted to the vehicle but not included in the manufacturer s listed selling price of the vehicle is also likewise to be fixed. The schedule of age-wise depreciation as shown below is applicable for the purpose of Total Loss/ Constructive Total Loss (TL/ CTL) claims only. A vehicle will be considered to be a CTL, where the aggregate cost of retrieval and / or repair of the vehicle subject to terms and conditions of the policy exceeds 75% of the IDV. The depreciation for replacement of parts in partial loss claims will be as per a separate schedule specified under GR.9. SCHEDULE OF DEPRECIATION FOR ARRIVING AT IDV AGE OF THE VEHICLE % OF DEPRECIATION FOR FIXING IDV Not exceeding 6 months 5% Exceeding 6 months but not exceeding 1 year 15% Exceeding 1 year but not exceeding 2 years 20% Exceeding 2 years but not exceeding 3 years 30% Exceeding 3 years but not exceeding 4 years 40% Exceeding 4 years but not exceeding 5 years 50% 3

9 NOTE: IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles ( i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between the insurer and the insured. For the purpose of TL/CTL claim settlement, this IDV will not change during the currency of the policy period in question. It is clearly understood that the liability of the insurer shall in no case exceed the IDV as specified in the policy schedule less the value of the wreck, in as is where is condition. GR.9. Depreciation on Parts for Partial Loss Claims The following rates of depreciation shall apply for replacement of parts for partial loss claims in respect of all categories of vehicles / accessories. 1. Rate of depreciation for all rubber nylon/ plastic 50% parts, tyres and tubes, batteries and air bags - 2 Rate of depreciation for all fibre glass components 30% - 3. Rate of depreciation for all parts made of glass Nil - 4. Rate of depreciation for all other parts including wooden parts is to be as per the following schedule : AGE OF THE VEHICLE Not exceeding 6 months % OF DEPRECIATION Nil Exceeding 6 months but not exceeding 1 year 5% Exceeding 1 year but not exceeding 2 years 10% Exceeding 2 years but not exceeding 3 years 15% Exceeding 3 years but not exceeding 4 years 25% Exceeding 4 years but not exceeding 5 years 35% Exceeding 5 years but not exceeding 10 years 40% Exceeding 10 years 50% 4

10 GR.10. Geographical Zones For the purpose of rating, the whole of India has been divided into the following zones depending upon the location of the office of registration of the vehicle concerned. (i) Private Cars/ Motorized Two Wheelers / Commercial Vehicles rateable under Section 4.C.1 and C.4. Zone A: Zone B: Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi and Pune. Rest of India (ii) Commercial Vehicles excluding vehicles rateable under Section 4. C.1 and C.4. Zone A Zone B Zone C Chennai, Delhi / New Delhi, Kolkata, Mumbai All other State Capitals Rest of India GR.11. Period of Insurance Unless specifically stated otherwise, premiums quoted in the Schedules under various Sections of the India Motor Tariff are the premiums payable on policies issued or renewed for a period of twelve months. No policy is permitted to be issued or renewed for any period longer than twelve months. It shall, however, be permissible to extend the period of insurance under the policy for any period less than twelve months, for the purpose of arriving at a particular renewal date or for any other reasons convenient to the insured, by payment of extra premium calculated on pro-rata basis, provided such policies are renewed with the same insurer immediately after the expiry of such an extension. All such extensions will require attachment of the following Warranty to the policy. "In consideration of the premium for this extension being calculated at a pro-rata proportion of the annual premium, it is hereby declared and agreed by the insured that upon expiry of this extension, this policy shall be renewed for a period of twelve months, failing which the difference between the extension premium now paid on pro rata basis and the premium at short period rate shall become payable by the insured. GR.12. Premium Rates for Short Period Cover Short Period Cover/ Renewal may be granted for periods less than twelve months at the following short period scale: 5

11 SHORT PERIOD SCALE PERIOD % OF ANNUAL PREMIUM RATE Not exceeding 1 month 20% Exceeding 1 month but not exceeding 2 months 30% Exceeding 2 months but not exceeding 3 months 40% Exceeding 3 months but not exceeding 4 months 50% Exceeding 4 months but not exceeding 5 months 60% Exceeding 5 months but not exceeding 6 months 70% Exceeding 6 months but not exceeding 7 months 80% Exceeding 7 months but not exceeding 8 months 90% Exceeding 8 months Full annual premium/ rate N.B.: 1.Extension of short period covers/short period renewals, for any reason, can be granted only by charging the premium for such extensions at the above mentioned short period rates. N.B.:2. Short period covers/short period renewals for Liability Only Policies are not permissible. GR.13. Display of Premium (a) (b) (c) In case of a Package Policy, the Own Damage and the Liability components of premium are required to be displayed separately in the Policy Schedule. Similarly, all permissible loadings on /discounts from tariff rates are required to be displayed separately in the policy schedule. The Own Damage as well as the Liability components of premium are required to be rounded off to the nearest rupee, separately. GR.14. Computation of Premium The premium payable on a policy is required to be calculated in accordance with the 6

12 Premium Computation Tables appearing in the Tariff. For applicable discounts / loadings, if any, reference is also to be made to the relevant GRs as well as regulations contained in the specific section(s) of the Tariff while computing premium. GR.15. Payment of Premium The full premium is required to be collected before commencement of cover. It is not permissible to collect premium in installments. GR.16. Minimum Premium The minimum premium applicable for vehicles specially designed or modified for use of the blind, handicapped and mentally challenged persons will be Rs.25/- per vehicle. For all other vehicles, the applicable minimum premium per vehicle will be Rs.100/-. GR.17. Transfers On transfer of ownership, the Liability Only cover, either under a Liability Only policy or under a Package policy, is deemed to have been transferred in favour of the person to whom the motor vehicle is transferred with effect from the date of transfer. The transferee shall apply within fourteen days from the date of transfer in writing under recorded delivery to the insurer who has insured the vehicle, with the details of the registration of the vehicle, the date of transfer of the vehicle, the previous owner of the vehicle and the number and date of the insurance policy so that the insurer may make the necessary changes in his record and issue fresh Certificate of Insurance. In case of Package Policies, transfer of the Own Damage section of the policy in favour of the transferee, shall be made by the insurer only on receipt of a specific request from the transferee along with consent of the transferor. If the transferee is not entitled to the benefit of the No Claim Bonus (NCB) shown on the policy, or is entitled to a lesser percentage of NCB than that existing in the policy, recovery of the difference between the transferee s entitlement, if any, and that shown on the policy shall be made before effecting the transfer. A fresh Proposal Form duly completed is to be obtained from the transferee in respect of both Liability Only and Package Policies. Transfer of Package Policy in the name of the transferee can be done only on getting acceptable evidence of sale and a fresh proposal form duly filled and signed. The old Certificate of Insurance for the vehicle, is required to be surrendered and a fee of Rs.50/- is to be collected for issue of fresh Certificate in the name of the transferee. If for any reason, the old Certificate of Insurance cannot be surrendered, a proper declaration to that effect is to be taken from the transferee before a new Certificate of Insurance is issued. Endorsement IMT - 3 is to be used. 7

13 GR.18. Change of Vehicle A vehicle insured under a policy can be substituted by another vehicle of the same class for the balance period of the policy subject to adjustment of premium, if any, on pro-rata basis from the date of substitution. Where the vehicle so substituted is not a total loss, evidence in support of continuation of insurance on the substituted vehicle is required to be submitted to the insurer before such substitution can be carried out. Endorsement IMT - 4 is to be used. GR.19. Vehicles Subject to Hire Purchase Agreement Policies and Certificates of Insurance are to be issued in the name of Hirer only and issuance in the joint names of the Hirer and Owner is prohibited. If Owner's interest is to be protected it should be done by the use of Endorsement IMT - 5. For the purpose of the Personal Accident cover for the Owner-Driver granted under the policy, the insured named in the policy will continue to be deemed as the Owner- driver subject to conditions of the policy relating to this cover. GR.20. Vehicles Subject to Lease Agreement Policies and Certificates of Insurance are to be issued in the name of Lessee only and issuance in the joint names of the Lessee and Lessor is prohibited. If Lessor s interest is to be protected, it should be done by the use of Endorsement IMT - 6. For the purpose of the Personal Accident cover for the Owner-Driver granted under the policy, the insured named in the policy will continue to be deemed as the Owner- driver subject to conditions of the policy relating to this cover. GR.21. Vehicles Subject to Hypothecation Agreement Policies and Certificates of Insurance are to be issued in the name of Registered Owner only and issuance in the joint names of the Registered Owner and Pledgee is prohibited. If Pledgee s interest is to be protected, it should be done by the use of Endorsement IMT - 7. For the purpose of the Personal Accident cover for the Owner-Driver granted under the policy, the registered owner named in the policy will continue to be deemed as the Owner- driver subject to conditions of the policy relating to this cover. 8

14 GR.22. Cover Note (i) Cover Notes insuring Motor Vehicles are to be issued only in Form 52 in terms of Rule 142 Sub-Rule (1) of the Central Motor Vehicles Rules (Refer Section 6 of the India Motor Tariff). (ii) In terms of Rule 142, Sub-Rule (2) of Central Motor Vehicles Rules 1989, a Cover Note shall be valid for a period of sixty days from the date of its issue and the insurer shall issue a policy of insurance before the date of expiry of the Cover Note. GR.23. Certificate of Insurance A Certificate of Insurance for a Motor Vehicle is to be issued only in FORM 51 in terms of Rule 141 of Central Motor Vehicle Rules (Refer Section 6 of the India Motor Tariff). GR.24. Cancellation of Insurance and Double Insurance A Cancellation of Insurance (a) (b) A policy may be cancelled by the insurer by sending to the insured seven days notice of cancellation by recorded delivery to the insured s last known address and the insurer will refund to the insured the pro-rata premium for the balance period of the policy. A policy may be cancelled at the option of the insured with seven days notice of cancellation and the insurer will be entitled to retain premium on short period scale of rates for the period for which the cover has been in existence prior to the cancellation of the policy. The balance premium, if any, will be refundable to the insured. Refund of premium will be subject to: i) there being no claim under the policy, and ii) the retention of minimum premium as specified in the Tariff. (c ) A policy can be cancelled only after ensuring that the vehicle is insured elsewhere, at least for Liability Only cover and after surrender of the original Certificate of Insurance for cancellation. (d) Insurer should inform the Regional Transport Authority (RTA) concerned by recorded delivery about such cancellation of insurance. 9

15 B. Double Insurance When two policies are in existence on the same vehicle with identical cover, one of the policies may be cancelled. Where one of the policies commences at a date later than the other policy, the policy commencing later is to be cancelled by the insurer concerned. If a vehicle is insured at any time with two different offices of the same insurer, 100% refund of premium of one policy may be allowed by canceling the later of the two policies. However, if the two policies are issued by two different insurers, the policy commencing later is to be cancelled by the insurer concerned and pro-rata refund of premium thereon is to be allowed. If however, due to requirements of Banks/Financial Institutions, intimated to the insurer in writing, the earlier dated policy is required to be cancelled, then refund of premium is to be allowed after retaining premium at short period scale for the period the policy was in force prior to cancellation. In all such eventualities, the minimum premium as specified in the tariff is to be retained. In either case, no refund of premium can be allowed for such cancellation if any claim has arisen on either of the policies during the period when both the policies were in operation, but prior to cancellation of one of the policies. GR.25. Cancellation and issuance of fresh Certificate of Insurance Following any changes in the policy during its currency, affecting the information shown on the Certificate of Insurance, the Certificate of Insurance is required to be returned to the Insurer for cancellation and a fresh Certificate incorporating the changes is to be issued. Information regarding change of number of Engine and/ or Chassis of the vehicle, is required to be intimated to the insurer immediately for effecting necessary changes in the policy, provided such changes are duly endorsed on the Registration Certificate. The Certificate of Insurance is also required to be returned immediately for issuance of fresh Certificate of Insurance incorporating the changes. Remittance of Rs. 50/- is required to be made to the insurer for each issuance of fresh Certificate of Insurance. GR.26. Certificate or Cover Note destroyed, torn, soiled, defaced or mutilated. 1. Where the insured a) lodges with an insurer a declaration in which he declares that a Certificate of 10

16 Insurance or Cover Note issued to him by such insurer has been lost, destroyed, torn, soiled, defaced or mutilated and sets out full particulars of the circumstances connected with the loss or destruction of the certificate or cover note and the efforts made to find it; OR b) returns to the authorized insurer the Certificate or Cover Note issued to him by such insurer in a torn, soiled, defaced or mutilated condition; AND c) pays to the insurer a fee of Rs.50/- (Fifty) in respect of each such new certificate or Cover Note, the insurer shall, if satisfied that such certificate or cover note has been lost, destroyed and that all reasonable efforts have been made to find it, or that it has been destroyed or is soiled, defaced or mutilated as the case may be, issue in lieu thereof a duplicate certificate or insurance or cover note with the word Duplicate prominently endorsed to that effect. 2. When a duplicate certificate of insurance or cover note has been issued in accordance with the provisions of sub rule (1) on representation that a certificate or cover note has been lost and the original certificate or cover note is afterwards found by the holder, the original certificate or cover note, as the case may be, shall be surrendered to the insurer. GR.27. No Claim Bonus (a) No Claim Bonus(NCB) can be earned only in the Own Damage section of Policies covering all classes of vehicles but not on Motor Trade Policies (Road Transit Risks / Road Risks / Internal Risks) and policies which cover only Fire and / or Theft Risks. For policies covering Liability with Fire and/or Theft Risks, the NCB will be applicable only on the Fire and / or Theft components of the premium. An insured becomes entitled to NCB only at the renewal of a policy after the expiry of the full duration of 12 months. (b) No Claim Bonus, wherever applicable, will be as per the following table. ALL TYPES OF VEHICLES No claim made or pending during the preceding full year of insurance No claim made or pending during the preceding 2 consecutive years of insurance No claim made or pending during the preceding 3 consecutive years of insurance No claim made or pending during the preceding 4 consecutive years of insurance No claim made or pending during the preceding 5 consecutive years of insurance % OF DISCOUNT ON OWN DAMAGE PREMIUM 20% 25% 35% 45% 50% 11

17 Sunset Clause: If at the renewal falling due any time between 1 st July 2002 and 30 th June 2003, both days inclusive, (after completion of the full policy period of 12 months) an insured becomes entitled to an NCB of 55% or 65% in terms of the Tariff prevailing prior to 1 st July 2002, the entitlement of such higher percentage of NCB will remain protected for all subsequent renewals till a claim arises under the policy, in which case the NCB will revert to Nil at the next renewal. Thereafter, NCB if any earned, will be in terms of the above table. (c) The percentage of applicable NCB is to be computed on the Own Damage premium required for renewal of the insurance after deducting any rebate in respect of "Vehicle Laid Up" under the policy. If the policy period has been extended in lieu of the rebate for the lay up of the vehicle, as per Vehicle Laid Up Regulation, such extended period shall be deemed to have been part of the preceding year of insurance. (d) The entitlement of NCB shall follow the fortune of the original insured and not the vehicle or the policy. In the event of transfer of interest in the policy from one insured to another, the entitlement of NCB for the new insured will be as per the transferee s eligibility following the transfer of interest. It is however, clarified that the entitlement of No Claim Bonus will be applicable for the substituted vehicle subject to the provision that the substituted vehicle on which the entitled NCB is to be applied is of the same class (as per this tariff) as the vehicle on which the NCB has been earned. Provided that where the insured is an individual, and on his/ her death the custody and use of the vehicle pass to his/her spouse and/or children and/or parents, the NCB entitlement of the original insured will pass on to such person/s to whom the custody and use of the vehicle pass. (e) The percentage of NCB earned on a vehicle owned by an institution during the period when it was allotted to and exclusively operated by an employee should be passed on to the employee if the ownership of the vehicle is transferred in the name of the employee. This will however require submission of a suitable letter from the employer confirming that prior to transfer of ownership of the vehicle to the employee, it was allotted to and exclusively operated by the employee during the period in which the NCB was earned. (f) In the event of the insured, transferring his insurance from one insurer to another insurer, the transferee insurer may allow the same rate of NCB which the insured would have received from the previous insurer. Evidence of the insured's NCB entitlement either in the form of a renewal notice or a letter confirming the NCB entitlement from the previous insurer will be required for this purpose. 12

18 Where the insured is unable to produce such evidence of NCB entitlement from the previous insurer, the claimed NCB may be permitted after obtaining from the insured a declaration as per the following wording: I / We declare that the rate of NCB claimed by me/us is correct and that no claim as arisen in the expiring policy period (copy of the policy enclosed). I/We further undertake that if this declaration is found to be incorrect, all benefits under the policy in respect of Section I of the Policy will stand forfeited. Notwithstanding the above declaration, the insurer allowing the NCB will be obliged to write to the policy issuing office of the previous insurer by recorded delivery calling for confirmation of the entitlement and rate of NCB for the particular insured and the previous insurer shall be obliged to provide the information sought within 30 days of receipt of the letter of enquiry failing which the matter will be treated as a breach of Tariff on the part of the previous insurer. Failure of the insurer granting the NCB to write to the previous insurer within 21 days after granting the cover will also constitute a breach of the Tariff. (g) If an insured vehicle is sold and not replaced immediately, or laid up, and the policy is not renewed immediately after expiry, NCB, if any, may be granted on a subsequent insurance, provided such fresh insurance is effected within 3 (three) years from the expiry of the previous insurance. The rate of NCB applicable to the fresh policy shall be that earned at the expiry of the last 12 months period of insurance. (h) On production of evidence of having earned NCB abroad, an insured may be granted NCB on a new policy taken out in India as per entitlement earned abroad, provided the policy is taken out in India within three years of expiry of the overseas insurance policy, subject to relevant provisions of NCB under these rules. (i) Except as provided in Rule (g), no NCB can be allowed when a policy is not renewed within 90 days of its expiry. (j) Except as provided in Rules (g), (h) and (i) above, NCB is to be allowed only when the vehicle has been insured continuously for a period of 12 months without any break. GR.28. Automobile Association Membership Discount: For valid membership of recognized Automobile Associations such as Automobile Association of Eastern India, the Uttar Pradesh Automobile Association, the Western India Automobile Association, Automobile Association of Southern India, the Automobile Association of Upper India, a 5% of the Own Damage premium, subject to a maximum of Rs.200/- for a Private Car and maximum of Rs.50/- for a Motorized Two Wheeler may be allowed. It is, however, clarified that irrespective of the number of Associations of which an insured may be a member, discount for only one membership of such Association is to be permitted. The discount is applicable only on the Own Damage premium under Section I of the Package Policy. Policies covering Fire and/or Theft risks only are not eligible for the discount. 13

19 The discount applies to both new business and renewals. If the insured becomes a member of any of the above Automobile Associations, during the currency of the policy, the discount may be allowed pro-rata calculated from the date of his membership of the Association concerned. On cancellation or termination of the membership of the Automobile Association during the currency of the policy, pro rata discount from the date of cancellation/ termination of membership till the expiry of the policy is to be recovered from the insured. Application of this discount will require attachment of Endorsement IMT 8. The insurers, however, should ascertain the validity of the membership at each renewal before granting the discount. The discount is applicable only to individual owners or joint owners or companies who are members of the above mentioned Automobile Associations. A member of the above mentioned Automobile Associations, who buys a private car/motorized two wheeler under Hire Purchase system or under a leasing agreement and has the sole use of it and pays the insurance premium, shall be entitled to the discount for Automobile Association membership, provided he/she is otherwise eligible to receive the discount under the rules. The name of such hire purchaser/lessee is to be stated on the policy. GR.29. Discount for Vintage Cars Private Cars certified by the Vintage and Classic Car Club of India as Vintage Cars will be eligible for 25% discount on Own Damage Premium. For mid-term certification as Vintage Car pro-rata proportion of the tariff discount for the unexpired period of the policy is to be allowed. Endorsement IMT 9 is to be used. GR.30. Discount for Anti-Theft Devices Vehicles (other than those covered under Motor Trade policies) fitted with anti-theft devices approved by Automobile Research Association of India (ARAI), Pune and whose installation is duly certified by any of the Automobile Associations mentioned in GR.28 above are eligible for a discount of 2.5% on the OD component of premium subject to a maximum of Rs. 500/-. For mid-term installation of anti-theft device approved and certified as above in the vehicle insured, pro rata proportion of the premium discount calculated as per tariff provision for the unexpired period of the policy is to be allowed. Endorsement IMT 10 is to be used. 14

20 GR.31. Concession for Laid-Up Vehicles Vehicles laid up in garage and not in use for a period of not less than two consecutive months will be entitled to: I. For Liability Only Policy - a) A pro-rata return of premium for the period during which the vehicle is so laid up, which return will be credited to the insured in consideration of suspension of the insurer s liability under the policy during the period of lay-up. The credited return of premium will be deducted from the next renewal premium. This cannot be given as cash refund even if the policy is not renewed with the same insurer. The calculation of the amount of the return premium is to be made on the net premium on the date of issue of the policy or the date of renewal of the policy preceding the laying-up of the vehicle. OR b) The expiry date of the current period of insurance under the policy may be extended for a period equal to the period the policy remained suspended on account of the layup. The adoption of alternatives (a) or (b) above will be at the option of the insured. In either case, the insured will be required to pay Rs.15/- towards administrative costs. II. For Package Policy The liability of the insurer under the policy will remain restricted for loss or damage of the insured vehicle by Fire and/or Theft as applicable during the period of such lay-up. In consideration of this restriction of cover under the policy: - a) a pro rata return of premium for the period during which the vehicle is so laid up will be credited to the insured after retention of pro rata premium for the lay-up period in the tariff rate for Fire and/or Theft Risks as applicable for the class of vehicle concerned. The credited return of premium will be deducted from the next renewal premium. This cannot be given as cash refund even if the policy is not renewed with the same insurer. The calculation of the amount of the return of premium is to be made on the net premium on the date of issue of the policy or the date of renewal of the policy preceding the laying-up of the vehicle OR b) the expiry date of the current period of insurance under the policy may be extended for a period equal to the period the policy remained suspended on account of the layup. 15

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AMENDATORY ENDORSEMENT NORTH CAROLINA PERSONAL AUTO POLICY This Endorsement amends the Policy as follows: I. DEFINITIONS The Definitions Section is amended as follows: A. The third paragraph is replaced

Private Car Insurance Policy Document Emergency Helpline: We are here to help you 24 hours a day, 365 days a year We are committed to providing our customers with an exceptional level of service, especially

MANITOBA EXTENSION AUTOMOBILE INSURANCE POLICY Where (a) an applicant for a contract gives false particulars of the described automobile to be insured to the prejudice of the Insurer, or knowingly misrepresents

CHAPTER II INCIDENCE AND LEVY OF TAX Incidence Tax 3 (1) Liability: - Subject to other provisions of this Act, every dealer - (a) whose turnover during the year immediately preceding the commencement of

Motor Policy if you need to alter your motor insurance Change of car Please notify Endsleigh before or on the date cover is required if You change Your Car, including details of any security system fitted

New Wordings of Automobile Insurance Forms Effective February 1 st, 2010 Since 2005, the Groupement des assureurs automobiles has been revising the automobile insurance forms. As the revision has now been

FLEET UNDERWRITING POLICY SUMMARY Some important facts about your Motor Insurance are summarised below. This summary does not contain the full terms and conditions of the contract which can be found in

Renewals Renewing a policy is an opportunity to o Reconnect with your clients; o Review their portfolios; and o Introduce new developments in the market or in insurance products. Renewal retention is a

MOTOR FLEET INSURANCE Summary of Cover A commercial motor insurance package available for Partnerships or Companies who require more than four vehicles to be insured under the one Policy. Why choose the

Work Injury Compensation Insurance (Contract) Policy Wordings Please read this insurance Policy carefully to ensure that you understand the terms and conditions and that this Policy meets your requirements.

GAP Insurance IMPORTANT: Full details of Your cover, the conditions that apply, the claims process and the circumstances when claims will not be met are contained in this Policy. You should read this document

These insurance terms and conditions consist of three independent insurance contracts and are divided into four sections. The final section applies jointly to all three insurance contracts. The division

Frequently Ask Questions This document has been prepared to answer questions that you are likely to have on the new SalarySacrifice4Cars scheme ( the car scheme ). It is set out in 3 sections The car scheme

418 Definitions vehicles out of Bangladesh to any place outside Bangladesh or to persons temporarily proceeding out of Bangladesh to any place out of Bangladesh and desiring to drive a motor vehicle during

Policy Schedule Class of Insurance Motor Fleet Policy Number 63-4002271-VFT The Insured City of Melville including subsidiary companies for their respective rights and interests. The Business Local Government

Work Injury Compensation Insurance (Annual) Policy Wordings Please read this insurance Policy carefully to ensure that you understand the terms and conditions and that this Policy meets your requirements.

Automobile Service Operations Application COLUMBIA INSURANCE COMPANY NATIONAL FIRE & MARINE INSURANCE COMPANY NATIONAL INDEMNITY COMPANY NATIONAL INDEMNITY COMPANY OF MID-AMERICA NATIONAL INDEMNITY COMPANY

MOTOR VEHICLE INSURANCE PROPOSAL FORM In completing the Proposal Form please ensure that questions are answered fully and accurately and where necessary schedules giving further explanation are provided.

ARIEL AIRPORT OWNERS AND OPERATORS LIABILITY INSURANCE The Insurers hereby agree to the extent and in the manner hereinafter provided, to pay on behalf of the Insured all sums which the Insured shall become

Certificate of Entitlement (COE) Bidding Agreement VENDOR S NAME (Addresses and details of Head Office and Branch Office) THIS PURCHASER S REQUEST AND AUTHORISATION TO BID FOR A COE AGREEMENT ("the Agreement")

Excess Lawyers Professional Liability Policy DECLARATIONS Attaching to and forming part of THIS IS A CLAIMS MADE EXCESS PROFESSIONAL LIABILITY INSURANCE - PLEASE READ CAREFULLY AND DISCUSS WITH YOUR INSURANCE

Motor Fleet Insurance Summary of Cover A commercial motor insurance package available for Partnerships or Companies who require more than four vehicles to be insured under the one Policy. Why choose the

Private Car and Small Commercial Vehicle Policy Summary is a trading name of Sabre Insurance Company Limited. Any reference to in this document will mean Sabre Insurance Company Limited as the ultimate

Policy Summary Keep this wording safe. In the event of an accident, call us on 0344 840 9506 to help you resolve your claim. POLICY SUMMARY This policy summary does not contain full details and conditions

Motor Vehicle Insurance Policy Comprehensive Coverage 1 GENERAL CONDITIONS AGREEMENT Under general coverage, conditions and exclusions of this policy and endorsement document Under general coverage, conditions

Secure Motorhome Insurance Product Disclosure Statement PREMIUMS, EXCESSES, DISCOUNTS & CLAIMS GUIDE The purpose of this Guide is to provide further details about the amount you pay for this insurance,

These clauses are for illustrative purposes only and different terms and conditions may be agreed in particular where any clause excludes losses or makes cover subject to certain conditions. MARINE INSURANCE